臺灣博碩士論文加值系統

本論文研究目的為探討上市公司高階主管是否因出售重大資產且淨出售資產利益大於零，而取得未預期超額薪酬。本研究選自台灣經濟新報台灣上市公司在2001至2004年年報中有揭露高階主管薪酬(董事長及總經理/總裁)的公司、一般產業公司的財務報表、年底收盤價、流通在外股數、各公司股價年報酬率、大盤年報酬率、公司出售固定資產、長期投資金額與其出售損失及利得金額等樣本資料。採用SPSS軟體以最小平方法(ordinary least squares；OLS)進行估計，探討企業出售資產對於提昇營運績效及改善財務結構後對高階主管薪酬之影響。研究結果發現，高階主管會因出售重大資產且淨出售利益大於零而取得未預期的超額報酬，其結論與本研究的假說相同。

The purpose of this study is to investigate whether the executives of exchange-listed companies by selling the substantial assets and disposing the net of assets in the profit than zero, but getting expected compensation. In this study, the Annual Report has exposed the Executive Compensation (chairman and general manager / president) of the company, the financial statements of the general industry, the year-end closing price, the year-end outstanding shares, the company''s stock in year-return, the weighted price index of the Taiwan stock ( TAIEX ) in year-return, the company sold of fixed assets and its long-term investment, sell of gain or loss and others sample data were selected from the Taiwan Economic Journal listed companies in Taiwan from 2001 to 2004. Using the SPSS software to evaluate the least squares method (ordinary least squares; OLS) estimating the effect of sell-offs to improve operational performance and improving the financial structure of executive compensation. The conclusions and hypotheses will be the same. The executives will get unexpected compensation by sell-offs and disposing the net of assets in the profit.

書名頁 i
論文口試委員審定書 ii
中文摘要 iii
英文摘要 iv
誌謝 v
目錄 vi
圖目錄 vii
表目錄 viii
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第三節 研究架構 3
第四節 研究流程 4
第二章 文獻探討 5
第一節 出售資產 5
一、 出售資產之意涵 5
二、 出售資產對股價的影響 5
三、 出售資產與股東財富的關係 6
第二節 盈餘管理 6
第三節 績效指標 7
第四節 公司規模 7
第三章 研究方法與實證分析 8
第一節 研究假說 8
第二節 研就期間與樣本選取 8
第三節 實證模型與研究變數 8
第四節 實證結果分析 12
第四章 結論 15
第一節 研究結論 15
第二節 研究限制 15
第三節 研究建議 16
參考文獻 17

一、中文部分
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二、英文部分
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